数字金融对企业全要素生产率的影响研究——基于融资约束的中介效应

Research on the Impact of Digital Finance on Enterprise Total Factor Productivity——Based on the Intermediary Effect of Financing Constraints

本文选取我国2011~2018年沪深A股上市公司的面板数据为样本,采用混合最小二乘估计(Pooled OLS)模型方法,实证研究数字金融对企业全要素生产率的影响,研究表明:数字金融会显著提升企业全要素生产率。中介效应检验表明:数字金融通过缓解企业的融资约束,进而提高企业全要素生产率。进一步讨论发现,数字金融对非国有企业和小规模企业的全要素生产率的提升作用更大。因此,应当加快数字金融基础设施建立、推动数据金融发展、扩大金融服务覆盖范围,进而强化数字金融对融资约束的缓解作用,从而提高企业全要素生产率。

This paper selects the panel data of my country’s Shanghai and Shenzhen A-share listed companies from 2011 to 2018 as a sample, and uses the mixed least square estimation(Pooled OLS) model method to empirically study the impact of digital finance on the total factor productivity of enterprises.The research shows: digital finance will significantly increase the total factor productivity of enterprises.The intermediary effect test shows that digital finance improves the total factor productivity of enterprises by alleviating the financing constraints of enterprises. Further discussion found that digital finance has a greater effect on the improvement of the total factor productivity of non-state-owned enterprises and small-scale enterprises. Therefore, it is necessary to accelerate the establishment of digital financial infrastructure, promote the development of data finance, and expand the coverage of financial services,thereby strengthening the mitigation effect of digital finance on financing constraints, thereby increasing total factor productivity.